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Austria Witholds Funds To EU Greece Bailout Package, Says Greece Hasn't Met Commitments To EU On Public Finances
The EU's finely tuned (and well-greased by assorted bankers) Nash Equilibrium is about to become history. Austria is the first major country to say enough to Greece's endless lies. Why? Who knows - Austrian banks will be first on the firing squad line when, not it, Greece implodes. Perhaps even Europe is getting sick of this charade. Next up - every man for themselves, but only those who defect first win.
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I salute to Austria!
a 21 Glock salute!
"only those who defect first win."
defect first - the key word...we are seeing it in the scrumble for silver...
Protecting themselves, as they should. EFSF and IMF likely to have similar problems with Ireland. Does the average American (or Congressman) know how much of the IMF bailout comes from US taxpayers?
The answer to that question is zero. The US taxpayer does not have to fund loans made by the government, that's the beauty of fractional banking.
Another question for you - how much does the US taxpayer contribute to its own government spending?
Bullshit.
http://www.house.gov/jec/imf/imf.htm
The junkers are not in reality. With a $3.5T budget and a $1.5T deficit, "tax payers" are only paying about 60% of total spending. If you look at Joe sixpack, in reality he is paying far less.
@a Man
Ever been a signature in a partnership agreement that went sour? Ever cosigned a loan for a relative that later didn't pay? Taxpayers of all stripes are most definitely on the hook in these deals, and that is what pisses them off. Our future earnings and wealth have all been pledged as collateral, and they didn't even have the courtesy to say "thank you".
They pay via inflation of their money supply
The European treasuries are declaring that these banking problems ain't their problem - this ain't fiscal
The ECB will have to monetize.
Euro Gold is going to explode.
To monetize, well, deep political integration is required. So...
they're "out of actual money." this is DEBT monetization not money printing. what happens in a "debt monetization"? well..."suddenly the value of that debt soars" right? it has an EXPLICIT government guarantee, right? "If you're trading this thing you go long on this pig in poke right up until the point you don't." That's why we call it "Ireland"! It's cold comfort...but perhaps I'm barely paraphrasing the ECB when I say "you're the iceberg and they're the Titanic."
Fed Swap Line, oh that sweet, Fed Swap Line.
Use it and Abuse it, but its the only choice.
Its that sweet old homey Fed Swaaaap Liiiine!
(Yeah!)
/Sung by James Durante/
TDoC, a former chief economist of the (gulp) IMF wrote this 14 Nov:
http://www.project-syndicate.org/commentary/johnson14/English
Austria! Well, then. G'day mate! Let's put another shrimp on the barbie!
You are going to find this simply fascinating:
http://moat.nlanr.net/International/images/collab_world_map.gif
And you may find this fascinating!
http://www.imdb.com/title/tt0109686/quotes?qt0383404
Ah yes, the legendary Austrian 'Alpen-Barbeque'. Is it true that Lederhosen were originally designed as safety wear to prevent Austrian Barbecue chefs from burning themselves on the griddle?
Toss another alpen-shrimp on the Barby, mate. Let rip with that yodel.
You know the difference between Austria and Australia na?
It's a movie line, but the exact movie escapes me.
Dumb and Dumber.... Come on you guys without a sense of humor, get out every once in a while.
It's from Dumb and Dumber...lol.
http://www.youtube.com/watch?v=mqVzRD_nWLQ
Based on the article, the Austrian authorities are worried about stacks of assets on their country's private banks' balance sheets ending up seriously down under.
Guess I won't be going Down Under tonight…
Lol, got a chuckle out of that!
As an Aussie, this cracks me up.
Don't worry mates, even the G20 yobs managed to give us all a laugh with their rendition of our PM Julia "Von Trapp" -
http://www.theaustralian.com.au/news/opinion/maid-in-seoul-the-pm-as-aus...
Hmmm. "Rendition" of our PM. If only...
Let's not. :) great flick.
PIGS, the perfect word for it all..life as art..
who's pig house is built of bricks??
children stories told to us come true..
who's the big bad wolf?? got gold?
I still contend that it's not only a matter of the Europeans completing their monetary cordon sanitaire but it's a matter of restructuring the Eurozone debts via common issuance of EU bonds. Any ECB's decision to put more money in circulation by buying government bonds is just the Ponzi's never ending story. Actually what should be done is to start writing-off all those loans/bonds which the banks count as assets because they were expecting to be paid back, and the money in the Euro-zone would be counted simply as destroyed.
After Europe, we know who is next.
Don't forget good old Slovakia, which refused to join in the bailout in the first place.
I suppose Ireland and Portugal and Spain are still kicking in to the Greek bailout.
And then Portugal and Spain will have to help bail out Ireland.
And then Spain will have to help bail out Portugal.
This is starting to sound like a children's song.
http://www.youtube.com/watch?v=5D0VhS8qXT0
My only question is "is the Nash Equilibrium" in any way realated to Tom Keene's "Nash Rambler"?
Nah, more like Nash Crosby Stills & Young
Well done Austria... This is the beginning of the end to Europe, will go to Japan and will end in the USA.... Be prepare...
Ah. Hope springs eternal.
This is not the end of Europe - this is simply the princes reminding the priests that they still have some power.
This dynamic has been happening for hundreds if not thousands of years.
I would say a return to the Europe of a century ago would in fact be the end of Europe. At least, as a centralized entity.
This would be good, so long as they don't start invading each other again. That probably won't happen, though, thanks to the bomb.
is that avatar a mangina?
A thousand years ago it took weeks, at best, for information to travel from Austria to Brussels, and only the tiniest fraction of goods traveled such a distance from their point of origin to their point of being consumed. I'm going to guess "Europe" wasn't on anybody's mind back then, just as "Germany" and "Italy" didn't yet think of themselves as unifiable polities until as late as the 19th century.
The current duct-taped gimmick in Brussels called "Europe" dates to the 50's, and was a magic spell meant to contain Germany and avoid more gigantic european style megabloodshed breaking out.
The Euro is some extra crappy bargain bin duct tape added to the contraption lately, to shore up the masses of duct tape that constitute most of the straining structure's weight. What they'd need to save the thing for another decade is the strong bailing wire of authoritarian control. Count on the europeans to revert to form.
don't forget the bubble gum...
Portugal has a great people, but it is headed by a prime minister, named Socrates, who took his degree by correspondence, a university of some friends ... this is the least important. The Portuguese model of development, always sat on low wages as a competitive factor. Portugal is among the countries that invest more in education, but the results are terrible. The Portuguese Justice is terrible. Corruption and lack of competence, the sense of demand is the main problem for Portugal. We want leaders who forget their friends and remember the people. I am anxious that the IMF will save Portugal, I and many more ... Here the leaders are a bunch of clowns ...
USA has a leader who finished harvard and is also useless
portugal corruption is terrible compared to what ? cuba ? compared to plenty of places in the west its the same
you want the jews from IMF to "save" you ??? r u by your senses ?
Harvard Law <> Harvard Business School. The former is dedicated to destroying America as we knew it, and the latter is, well mostly, the very backbone of what America is about...the business of America being business.
...has a leader whose first job was for Kissinger, whose first job was for Rockefeller running Operation Paperclip bringing nazi scientists to the US, providing them with false identities and "cleaning up" their histories...
LOL... and you still think degrees are of any importance aside from getting a corp job? Puh-LEEZ!
Less dramatic, but interesting: Finland's unhappy about the Irish^H^H^H^H^HECB bailout.
Hmmm...I seem to recall something else starting in Austria about 100 years ago.
and something about 80 years ago as well:
The Creditanstalt was an Austrian bank. The Creditanstalt was based in Vienna, founded 1855 as K. k. priv. Österreichische Credit-Anstalt für Handel und Gewerbe by the Rothschild family. Being very successful it became the largest bank of Austria-Hungary. It declared bankruptcy on May 11, 1931. It has been said that this event resulted in a global financial crisis and ultimately the bank failures of the Great Depression.
I am sure Portugal is preparing, or is already in talks with the EU and IMF as well. That is a zombie country at this point. Spain will be spectacular for the EU.
Amazing how strong the retail sector is.
Saks up 4%??
HD trading up despite the biggest housing bust in history.
And poor GDX is getting destroyed.....
Oh, well, the run was good while it lasted.
Ummm...anyone else get the feeling the VIX is just a weeeee bit mispriced? The effect of 6 weeks of naked short selling, I suppose.
Cdad
Austria in this case is just
Germany's proxy:
From F.A.Z British banks have
total holding of Irish debts of
150 billion $, German Banks 138
billion $
http://www.spiegel.de/international/business/0,1518,729408,00.htm
here is the article for those who speak german, many more details
finance minister Josef Pröll stopped the dec payment of 190mil euros to Greeks
and he WILL not give anything to ireland, or portugal or spain since they (austria)
are empty and done with
HEIL OSTERREICH !
http://www.krone.at/Oesterreich/Proell_Naechste_Griechen-Millionen_nicht...
Ugh, so the next payment is "not automatic"? Hah: in the absence of futher information I'll take this to mean that Austria will huff and puff and then make the payment. When are the next elections there?
(Google translation of the krone.at article.)
We just had elections on state level in vienna (not on the national level).
The red (socialists) formed a coalition with the green (more extreme socialists).
The decision which made news came from Josef Pröll, minister of finance and
member of the blacks (neo-cons) which just recently lost big time on the elections in vienna.
Source: http://derstandard.at/1289607994324/Proell-gibt-Griechen-Hilfe-noch-nich...
Thanks!
vielen Dank.
dont neet that Heil! we had enough of that in the past..
using the Krone as a "source" is rather questionable to say the least... anyway... this is all just mockery... AT will pay their share if they like it or not...
ANd Finland is on the same (right) track: Finland's staunch opposition to pushing Ireland into asking for help is partly based on its belief that the rules must be strictly adhered to but also out of domestic political concerns - there is an election in Finland next year and there is popular opposition to more bailouts.
"Finland is already supporting Iceland, Latvia, Greece and, who knows, possibly Ireland and others," said a Finnish EU source who spoke on condition of anonymity.
"The government will be politically dead if we accept something that is unacceptable to the average Finn. There is no way of explaining it to the average Finn that we are paying all this money but don't know when it's coming back."
"The hills are alive with the sound of F.U."
Way to go Austria! My favorite place to ski.
So, is Austria's signal a sign of strength or a sign of strength?
Are they brave or are their coffer's empty?
Fascinating!
Da big moves always start with little moves like this. And to BillBanzai's point above, Austria did get the ball rolling in 1914.
Every man to BS (battle stations).
ORI
http://aadivaahan.wordpress.com
The 'Austerity vicar' running the
ECB monetizing the debt ?
Let's be serious here, they bought
1 billion euros worth of EU bonds last week.
The only thing to keep in minds is that, if the dominoes
uunravel, the ECB is 'theorically'insolvent
, thus would have to be recapitalized
, i.e the European, and first in line the
German, taxpayer on the bait
again
The 'Austerity vicar' running theThe 'Austerity vicar' running the
ECB monetizing the debt ?
Let's be serious here, they bought
1 billion euros worth of EU bonds
The only thing to keep in minds is that, if the dominoes
uunravel, the ECB is 'theorically'insolvent
, thus would have to be recapitalized
, i.e the European, and first in line the
German, taxpayer on the bait
Germans to re-create the DM and leave the rest of the Eurozone on their own, that really would resolve all the current problems, particularly the PIIGS
If that were to happen, the Germans could kiss goodbye to getting the Irish and Spanish governments to spend any more money covering bad German loans to periipheral banks.
Thos pesky Austrians......always the first to UNDERSTAND the problems.....
Source ?
+1
still short the us equity mkts 100%!. it's not a crowded trade like pm's and the butt ugly euro. but the train has left.
1225 on the s&p was the 'high'.
the lone wolf trade...oooww!
Ahhoooooogaah. Ahhoooooogaah.
Dive! Dive!
"Statistics give no reason to hand over the money from an Austrian point of view."
http://austrianindependent.com/news/Politics/2010-11-16/5330/Austria_blo...
Harry Wanger......wait for it....... will say, "this was priced in".
"It's all good!", exclaimed Mr. Wanger.
What will happend when Hungary, Czech and Poland default on all those AUSTRIAN loans made by Refeissen?
What will they say then?
Danke Schön!
Everyone is getting ready to leave the ship essentially. Austria knows that Greece isn't paying and will not pay for their lies, so why should they as a country. Essentially countries are being taxed via loans to keep the EU as an entity from imploding.
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